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| 68 per cent stocks miss the rally |
| Deepak Korgaonkar / Mumbai Apr 15, 2009, 00:39 IST |
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The BSE’s Sensex and the NSE’s S&P CNX Nifty may have hit a six-month high during Monday’s trade, but there are very few stocks that have witnessed a similar performance in the same period.
Only three sectoral indices – power, metals and oil & gas – have managed to keep pace with the benchmark indices.
But about 68 per cent stocks are still trading below their price levels seen six month ago. In terms of sectors, realty, healthcare, consumer durables and IT sectors are among the BSE sectoral indices which are currently trading more than 10 per cent below their October 15 levels. While Bankex and capital goods indices have declined in the range of 7-10 per cent each.
Among the broader indices, the BSE’s mid- and small-cap indices – which saw a bounce back recently – are still down by 7 per cent and 11 per cent respectively, while BSE-500 index is just 1 per cent away from its October 15, 2008 level.
A Business Standard Research Bureau study on like-to-like performance of stocks traded on the BSE between October 15, 2008 and April 13 this year suggests that the current rally is favourable for only 50 per cent companies traded under A-group and just 32 per cent of companies across all groups.
During Monday’s trade, the Sensex had breached the 11,000-mark after a gap of six months, before finally closing at 10,967 with a 163-point gain. This is within 160 points of its October 15 level of 10,809.12.
But, out of a total 2,915 stocks that are actively traded now, as many as 1,987 stocks are still trading below their October 15 price levels. Of the thirty Sensex companies, sixteen are trading above their October 15 levels, while 14 are not. Ranbaxy Laboratories, DLF and Hindalco are down by over 20 per cent each, while State Bank of India, Sun Pharma and Tata Motors are trading 10-20 per cent below their October 15 levels.
In terms of investor wealth, the 1,987 companies have seen a value erosion of 18 per cent, or Rs 2,69,202 crore, since October 15. On the other hand, the 928 companies – whose stocks have gained from their October 15 price levels – have increased their investors’ wealth by 15 per cent, or by Rs 3,01,593 crore.
This means that only these 928 companies have managed to add to the overall market value by Rs 32,391 crore since October 15, 2008.
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